Spare8 is building the entire financial inclusion stack for all through Gold.
EbixCash Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand Software to Insurance, Financial and Healthcare Industries, today announced that in a pioneering move, Spare8, an emerging B2B2C Digital Gold Platform, has partnered with Enterprise SaaS Wealth and Asset Management solution “MoneyWareTM”, part of EbixCash, to implement Gold Leasing through Spare8's API driven Digital Gold stack.
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It’s a leap towards mobilizing Gold in India and the first of its kind in all of Asia.
This collaboration is set to turn heads in the fintech world, demonstrating EbixCash's commitment to embracing futuristic digital investment solutions and Spare8's prowess in disrupting the Gold sector.
As per a KPMG report, the Indian digital gold market size is projected to become a $100 Bn market opportunity by 2025, largely driven by the increasing adoption of fintech platforms and growing awareness of gold as an investment option among the young.
EbixCash Financial Technologies Managing Director, Sachin Seth said, “This partnership is a testament to EbixCash's vision for future of digital investments through Enterprise SaaS investment platform MoneyWareTM, which offers its users a diverse and lucrative investment option for their clients, by leveraging Spare8's unique tech stack.”
Spare8’s Co-Founder & CEO, Ronit Harisingani said, “Most Indians hold Gold in some form, either Gold bars, coins, jewellery or digitally. This innovative investment option (Gold Leasing) enables users to lease their digital gold and earn additional interest on the same; this helps first time investors experience the power of wealth creation and allows users to earn higher returns on their Gold purchased - starting with as little as 0.5 grams.
Partnering with EbixCash MoneyWareTM opens up quality distribution networks for this product, thereby bringing this innovative investment option in the hands of millions of Indians.”
About Spare8
Spare8 is building the entire financial inclusion stack for all through Gold. Their comprehensive ecosystem includes Gold buying, selling, leasing, gifting and physical delivery, integrated seamlessly through their core APIs, presenting a significant opportunity for businesses to diversify and strengthen its service offerings.
Spare8 is one of the leading fintech startups in the Gold space, with marquee investors like 2am VC, Varanium Capital, Magic Fund, Broom Ventures, Incisive Ventures and several others backing them.
For more information, visit the Company’s website at https://www.spare8.com/business
About EbixCash
With a "Phygital'' strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), prepaid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 25 international airports, including Delhi, Mumbai, Goa, Hyderabad, Chennai, Bangalore and Kolkata. EbixCash, a subsidiary of Ebix, Inc. (OTC: EbixQ) is a leader in the international remittance business based on gross transaction value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com
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